Elizabeth Benz
About Elizabeth Benz
Elizabeth Benz, age 46, is Jamf’s Chief Sales Officer (CSO) since March 2023; she joined Jamf in 2017 after a series of sales leadership roles in technology. She holds a B.S. in Finance (North Carolina State University) and an MBA from the Carlson School of Business (University of Minnesota), bringing 18+ years leading and developing sales teams . Under Jamf’s 2024 performance, ARR grew 10% to $646.0M, total revenue rose 12% to $627.4M, and non-GAAP operating income increased to $103.1M from $45.4M, while the company’s “pay vs performance” TSR metric showed a $35.84 value of a hypothetical $100 investment (lagging its selected peer group) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jamf | Chief Sales Officer | Mar 2023–Present | Leads global sales; tenure coincides with ARR reaching $646.0M in 2024 |
| Jamf | Senior Vice President of Revenue / sales leadership roles | 2017–2023 | Scaled and led sales organization; prior roles referenced without company specifics |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in proxy | — | — | No external board roles reported for Benz in the 2025 proxy |
Fixed Compensation
| Component | 2024 Value/Target | Notes |
|---|---|---|
| Base Salary | $310,000 | 2024 annual base salary |
| Target Bonus % (ACIP) | 20% of base | CSO target under ACIP |
| Actual Bonus Paid (ACIP) | $60,390 | 98% of target payout applied |
| Commissions Earned | $236,170 | Based on growth ARR and total ARR sales metrics |
| Tax Gross-Up | $4,542 | Perquisites tax gross-ups |
| Employer 401(k) Contribution | $10,350 | Company contribution |
| Life Insurance Premiums | $99 | Perquisites |
Performance Compensation
| Metric | Weight | Threshold | Target | Actual 2024 | Payout vs Target | Vesting/Timing |
|---|---|---|---|---|---|---|
| ARR | 60% | $638.0M | $663.0M | $646.0M | Included in ~98% overall payout | Annual cash incentive for FY performance |
| Non-GAAP Operating Income Margin | 40% | 14.4% | 15.4% | ~16.4% | Included in ~98% overall payout | Annual cash incentive for FY performance |
| Individual Performance Component | 20% of CSO target award | — | Target | Target | Included in ~98% overall payout | Annual cash incentive |
| Culture & Leadership Adjustment | -10% to +5% | — | Target | Target achieved | No adjustment; payout at 98% of target | Annual cash incentive |
| Sales Commissions | Up to 80% of base | — | Plan metrics | $236,170 | N/A (plan-based commissions) | Paid per sales outcomes |
Equity Ownership & Alignment
- Jamf prohibits hedging and pledging of company securities without specific written approval; Rule 10b5-1 plan requirements and blackout windows apply .
| Ownership Item | Detail |
|---|---|
| Total Beneficial Ownership | 114,493 shares; less than 1% of outstanding (denoted *) |
| Stock Vested in 2024 | 36,511 shares vested; value realized $641,219 |
| Outstanding Equity Awards (as of 12/31/2024) | Units/Terms |
|---|---|
| RSU grant 3/15/2024 (unvested) | 129,577 units; 25% per year vesting |
| RSU grant 3/15/2023 (unvested) | 48,823 units; 25% per year vesting |
| RSU grant 3/15/2022 (unvested) | 17,422 units; 25% per year vesting |
| RSU grant 6/1/2021 (unvested) | 11,526 units; 25% per year vesting |
| 2024 RSU Grants | Grant Date | Instrument | Units Granted | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Annual equity award | 3/15/2024 | RSUs | 129,577 | $2,299,992 | Time-based, 25% annually |
| Stock Options (exercisable) | Grant Date | Exercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| Option grant | 12/31/2018 | 27,947 | 5.87 | 12/31/2028 |
| Option grant | 12/31/2018 | 11,770 | 5.87 | 12/31/2028 |
| Option grant | 10/10/2019 | 63,250 | 8.21 | 10/10/2029 |
Employment Terms
| Provision | Terms |
|---|---|
| Employment start and current role | Joined Jamf in 2017; CSO since March 2023 |
| Severance (no change in control) | Cash severance equal to 6 months base salary; COBRA continuation (estimated $10,675) |
| Severance (with change in control) | 12 months base salary; prorated bonus at target; COBRA continuation (estimated $21,349) |
| Equity acceleration (CoC) | 100% acceleration of unvested time-based equity upon Qualifying Termination in Change of Control Period (double-trigger) |
| Change of Control Period definition | 1 year post-CoC and 3 months pre-CoC |
| Restrictive covenants | Standard confidentiality, invention assignment, non-solicit, non-compete, arbitration agreements |
| Clawback policy | Nasdaq 10D-compliant; 3-year lookback; recovery of excess incentive-based compensation tied to restated financials |
Estimated potential payments at 12/31/2024:
- Qualifying Termination (no CoC): Cash $155,000; healthcare continuation $10,675; equity acceleration none reported for Benz .
- Qualifying Termination (with CoC): Cash $371,623; healthcare continuation $21,349; equity acceleration $2,913,239 .
Compensation Structure Notes
- 2024 peer group includes 22 software/SaaS peers (e.g., Dynatrace, Elastic, Paylocity, Rapid7, Workiva); cash and equity generally targeted at the 50th percentile .
- “What we do / don’t do”: prohibits hedging/pledging; no option re-pricing; clawback in place; limited perquisites; no SERP .
- Option-like awards have not been granted since 2019 per Item 402(x)(1) .
Investment Implications
- Alignment: High proportion of time-based RSUs creates equity-linked exposure and retention incentives; significant unvested RSUs with annual vesting support continuity, but may lead to periodic tax-driven share sales around vest dates .
- Pay-for-performance: Cash incentives are explicitly tied to ARR growth and non-GAAP operating margin, with individual and culture/leadership components; Benz also earns sales commissions against ARR targets, reinforcing top-line focus .
- Retention and CoC risk: Under a change-of-control plus qualifying termination, all unvested RSUs accelerate and severance increases—potentially raising post-close turnover risk if not offset by retention packages. Current shareholder communications reference a proposed transaction for which executives may be proxy participants, underscoring the relevance of these provisions .
- Governance and risk controls: Hedging/pledging restrictions, clawback policy, and standard restrictive covenants mitigate misalignment and misconduct risks; presence of tax gross-ups on certain perquisites is modest but worth monitoring in pay optics .